Crypto firms breach money laundering rules, UK watchdog says

A significantly high number of cryptocurrency-related firms are not meeting required standards under anti-money laundering rules, Britain’s financial watchdog said on Thursday, causing a glut of withdrawals for applications to register with it, Reuters reports.

The Financial Conduct Authority (FCA) said in a statement it would extend the date of its temporary registrations regime to the end of March next year from July 9.

The extension will allow cryptoasset firms to carry on their business while the regulator carries out further checks, the FCA said.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.